Vertical Axis Wind Turbine Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Global Vertical Axis Wind Turbine (VAWT) Market Size accounted for USD 12.9 Billion in 2022 and is projected to achieve a market size of USD 17.7 Billion by 2032 growing at a CAGR of 3.2% from 2023 to 2032.
Vertical Axis Wind Turbine Market Key Highlights
- Global vertical axis wind turbine market revenue is expected to increase by USD 17.7 Billion by 2032, with a 3.2% CAGR from 2023 to 2032
- Asia-Pacific region led with more than 37% of vertical axis wind turbine market share in 2022
- The Indian Ministry of New and Renewable Energy has announced a program to encourage the development of small wind turbines, including VAWTs, to install 50,000 small wind turbines by 2022.
- North America vertical axis wind turbine market growth will record a CAGR of more than 4% from 2023 to 2032
- According to research conducted by the National Renewable Energy Laboratory (NREL) in the United States, VAWTs provide more yearly energy per unit area than HAWTs.
- Increasing demand for renewable energy sources, drives the vertical axis wind turbine market value
A vertical axis wind turbine (VAWT) is a type of wind turbine that has blades that rotate around a vertical axis, as opposed to a horizontal axis. This design allows for the turbine to be more compact and efficient in areas with lower wind speeds, such as urban or suburban areas. The VAWT is also less visually obtrusive than its horizontal axis counterpart, making it a more viable option for residential and commercial installations.
In recent years, the market growth for VAWTs has been significant due to its unique advantages. The growing demand for renewable energy sources, coupled with increasing concerns about climate change, has driven the adoption of wind turbines worldwide. Additionally, the VAWT's compact design makes it ideal for use in small-scale applications, such as residential homes and small businesses.
Global Vertical Axis Wind Turbine Market Trends
Market Drivers
- Increasing demand for renewable energy sources
- Growing concerns about climate change and greenhouse gas emissions
- Decreasing costs of wind power generation
- Technological advancements in wind turbine design and materials
- Government incentives and policies promoting renewable energy
Market Restraints
- Higher capital costs compared to traditional fossil-fuel based power generation
- Dependence on wind speeds for power generation
Market Opportunities
- Growing demand for off-grid and distributed energy solutions
- Development of hybrid wind-solar systems for increased power generation
Vertical Axis Wind Turbine Market Report Coverage
| Market | Vertical Axis Wind Turbine Market |
| Vertical Axis Wind Turbine Market Size 2022 | USD 12.9 Billion |
| Vertical Axis Wind Turbine Market Forecast 2032 | USD 17.7 Billion |
| Vertical Axis Wind Turbine Market CAGR During 2023 - 2032 | 3.2% |
| Vertical Axis Wind Turbine Market Analysis Period | 2020 - 2032 |
| Vertical Axis Wind Turbine Market Base Year | 2022 |
| Vertical Axis Wind Turbine Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Type, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Urban Green Energy (UGE), Northern Power Systems, Aerovironment, Envergate Energy AG, Vortex Bladeless, Arborwind, Windspire Energy, SAWT Energy, Magenn Power, Quietrevolution, Helix Wind, and Oy Windside Production Ltd. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
The vertical axis wind turbine (VAWT) market is driven by several factors, including increasing demand for renewable energy sources, government initiatives to promote clean energy, and the need for decentralized power generation. With the increasing focus on reducing carbon emissions and combating climate change, there is a growing need for clean and sustainable energy sources, which has led to the increased adoption of wind turbines.
However, the high initial cost of installation and maintenance of VAWTs can act as a restraint to market growth. Additionally, the efficiency of VAWTs is lower than that of horizontal axis wind turbines (HAWTs), which can limit their application in large-scale power generation projects. Furthermore, the availability of suitable wind speeds can also impact the installation and usage of VAWTs.
Despite these challenges, the VAWT market presents several opportunities for growth. The increasing demand for clean energy and the rising focus on reducing carbon emissions has opened up new markets for VAWTs, particularly in urban and suburban areas. Advancements in technology, such as the use of new materials and the development of innovative designs, can also help improve efficiency and reduce the cost of VAWTs, making them more competitive in the market. Moreover, the growing popularity of small-scale power generation and off-grid solutions can also present significant opportunities for VAWTs in the future.
Vertical Axis Wind Turbine Market Segmentation
The global vertical axis wind turbine market segmentation is based on type, application, and geography.
Vertical Axis Wind Turbine Market By Type
- Darrieus
- Garomill
- Savonious
In terms of types, the savonious segment has seen significant growth in the vertical axis wind turbine market in recent years. The Savonius design features curved blades that rotate around a vertical axis, making it ideal for low wind speed applications. The Savonius design has several advantages, including its simplicity, reliability, and ability to generate power from the wind coming from any direction. The increasing demand for renewable energy sources, coupled with the advantages of the Savonius design, has led to its increased adoption in various applications. The Savonius VAWT is commonly used in small-scale applications, such as residential homes, off-grid cabins, and small businesses. Additionally, the Savonius VAWT can be used in urban and suburban areas, where the wind speeds are generally lower than in rural areas, making it an attractive option for these applications. Moreover, the growth of the Savonius segment in the VAWT market is expected to continue in the future, driven by the increasing focus on sustainable and clean energy sources.
Vertical Axis Wind Turbine Market By Application
- Residential
- Commercial
- Industrial
- Others
According to the vertical axis wind turbine market forecast, the residential segment is expected to witness significant growth in the coming years. The residential segment includes installations of VAWTs in residential properties, such as single-family homes, apartment buildings, and condominiums. The increasing demand for clean and sustainable energy sources has led to the adoption of VAWTs in residential properties, particularly in areas with lower wind speeds. With the increasing focus on reducing carbon emissions and combating climate change, homeowners are increasingly looking for ways to reduce their carbon footprint and generate their own electricity. VAWTs offer an attractive option for homeowners, as they can be installed in small spaces and can generate electricity from low wind speeds, making them suitable for urban and suburban areas. Additionally, advancements in technology and materials are expected to improve the efficiency and reliability of VAWTs, making them an even more attractive option for residential properties.
Vertical Axis Wind Turbine Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Vertical Axis Wind Turbine Market Regional Analysis
Geographically, Asia-Pacific is dominating the vertical axis wind turbine (VAWT) market due to several factors, including the increasing demand for renewable energy, government initiatives to promote clean energy, and the availability of suitable wind resources. The Asia-Pacific region is home to several emerging economies that are experiencing rapid industrialization and urbanization, which has led to a growing demand for energy. The increasing demand for energy, coupled with the need to reduce carbon emissions, has driven the adoption of renewable energy sources, including VAWTs. In addition to the demand for clean energy, the Asia-Pacific region has also implemented several government initiatives to promote renewable energy. Many countries in the region have set ambitious renewable energy targets, which has led to increased investment in the sector. Moreover, the Asia-Pacific region has abundant wind resources, making it an attractive location for wind energy projects, including VAWTs.
Vertical Axis Wind Turbine Market Player
Some of the top vertical axis wind turbine market companies offered in the professional report include Urban Green Energy (UGE), Northern Power Systems, Aerovironment, Envergate Energy AG, Vortex Bladeless, Arborwind, Windspire Energy, SAWT Energy, Magenn Power, Quietrevolution, Helix Wind, and Oy Windside Production Ltd.
Frequently Asked Questions
What was the market size of the global vertical axis wind turbine in 2022?
The market size of vertical axis wind turbine was USD 12.9 Billion in 2022.
What is the CAGR of the global vertical axis wind turbine market from 2023 to 2032?
The CAGR of vertical axis wind turbine is 3.2% during the analysis period of 2023 to 2032.
Which are the key players in the vertical axis wind turbine market?
The key players operating in the global market are including Urban Green Energy (UGE), Northern Power Systems, Aerovironment, Envergate Energy AG, Vortex Bladeless, Arborwind, Windspire Energy, SAWT Energy, Magenn Power, Quietrevolution, Helix Wind, and Oy Windside Production Ltd.
Which region dominated the global vertical axis wind turbine market share?
Asia-Pacific held the dominating position in vertical axis wind turbine industry during the analysis period of 2023 to 2032.
Which region registered fastest CAGR from 2023 to 2032?
North America region exhibited fastest growing CAGR for market of vertical axis wind turbine during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global vertical axis wind turbine industry?
The current trends and dynamics in the vertical axis wind turbine industry include increasing demand for renewable energy sources, and growing concerns about climate change and greenhouse gas emissions.
Which type held the maximum share in 2022?
The savonious type held the maximum share of the vertical axis wind turbine industry.
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